CMT Ventures and Nieto Enterprises, the companies that own Jupiter’s Downtown, Cowboy Monkey, Guido’s Bar & Grill, Billy Barooz, Seven Saints, Jupiter’s at the Crossing and Barrelhouse 34, are in the process of selling their “real estate and business assets” to CRS Hospitality, a company that owns and operates Illini Inn, Chophouse on Main in Mahomet, City Center, The Ribeye, Taco Johns, and two Culvers franchises in Nebraska.
The acquisition should be complete by mid-December. CRS Hospitality owner Chris Saunders, said, “My goal is to continue to operate the businesses with the same level of detail and integrity that the Nieto family has for years.”
The full press release is below.
November 8, 2022
Announcement of Sale of CMT Ventures/Nieto Enterprises
CRS Hospitality has executed a formal contract to acquire the real estate and business assets of CMT Ventures and Nieto Enterprises with the closing of the acquisition to be completed in mid-December. CMT Ventures and Nieto Enterprises owns [sic] numerous downtown Champaign properties as well as two properties at the Village at the Crossing. Businesses to be acquired in this transaction include Jupiter’s Downtown, Cowboy Monkey, Guido’s Bar & Grill, Billy Barooz, Seven Saints, Jupiter’s at the Crossing and Barrelhouse 34. In totality, 15 properties will be acquired as well as the seven businesses listed. CRS Hospitality currently owns and operates several local restaurants that include the City Center, Illini Inn, The Ribeye, Taco Johns, the newly opened Chophouse on Main in Mahomet and two Culvers franchises in Nebraska.
Founded by Carlos Nieto, Marco Nieto and Tifani Moot, CMT Ventures will be celebrating their 25th year in the restaurant business this November. CMT Ventures has been instrumental in the revitalization of the Downtown Champaign area which has become a destination for dining, arts and entertainment.
While reflecting on this upcoming transition, Carlos Nieto stated “Our family feels the time is right to transition our portfolio to CRS Hospitality. We have dedicated the past 25 years to growing our businesses, creating a welcoming environment for our patrons and providing a safe and equitable working environment for all of our employees. We are honored and lucky to have worked with so many amazing people over the decades. But now it is time for us to step back and focus on new adventures and endeavors.”
“I am excited about the opportunity to grow our restaurant/bar business to include these outstanding locations,” said Chris Saunders, owner of CRS Hospitality. “I’ve enjoyed working with Carlos and his team and are expecting a very smooth ownership transition. My goal is to continue to operate the businesses with the same level of detail and integrity that the Nieto family has for years.”
Representing CMT Holdings in the disposition of their portfolio was Jill Guth with Guth & Associates, LLC while Shannon Collins with Green Street Realty represented the buyer, CRS Hospitality.
“It has been an honor to represent the Nieto family in the sale of their real estate and business assets in Champaign. Through this process, I’ve quickly learned how dedicated and loyal the Nieto’s are to their family of employees, focusing on an easy transition for the employees which has been an upmost [sic] priority. This family has put their life into these properties and businesses and created a legacy in the Downtown Champaign area. I’m very confident that CRS Hospitality will honor this legacy as they take the helm of this portfolio,” stated Guth.
“This year has been an exciting year of acquisitions at Green Street Realty,” said Shannon Collins, “and growing the CRS Hospitality became a focus and goal of mine. When I first met Carlos Nieto, I knew this would be the perfect fit for our vision and would take the momentum we had going to the next level.”
For more information, please contact Jill Guth at 217-778-8305 or Shannon Collins at 217-493-3776. ##
Top image by Anna Longworth-Singer.
